CHICAGO, March 15, 2019 /PRNewswire/ -- According to latest market research reports "Network as a Service Market by Type, Application (Sales & Marketing Management, Customer Experience Management, Competitive Intelligence, & Risk Management), Organization Size, Industry Vertical, Deployment Model, & Region - Global Forecast to 2023", published by MarketsandMarkets, the global Network as a Service Market size is expected to grow from USD 4.3 billion in 2018 to USD 21.7 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 38.3% during the forecast period.
The key factors driving the Network as a Service Market include accelerated adoption of cloud services among enterprises and increase in the development of new data center infrastructures.
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Retail and eCommerce industry vertical to grow at the highest CAGR during the forecast period
The retail and eCommerce industry vertical would dominate across regions during the forecast period, dealing with massive volumes of customer data generated on daily basis. The vertical has undergone a massive transformation, as mobile eCommerce is gaining popularity and replacing the brick and mortar stores. The transformation of eCommerce has changed the online shopping experience of customers, which resulted in increased online transactions across the globe. According to the Internet Retailer survey of 81 online retailers conducted in February 2017, 85% of the online retailers increased their e-commerce technology spending and over 50% of the retailers opted for the buying the technology rather than inhouse development. The retailers and eCommerce organizations need to manage the data generated through online transactions to provide effective customer service. Hence, organizations have started adopting the cloud-based infrastructure, which helps them increase the scalability and provide seamless experience to their customers through every touch point.
Bandwidth on demand application to hold second largest market share during the forecast period
With the advent of cloud-based technologies, organizations are increasingly adopting the bandwidth on demand as per their requirements. Bandwidth on demand refers to the process of availing the bandwidth as per the user's requirement and can be used for applications, devices, and protocols. Network as a Service Market solution providers offer an effective and efficient way to manage the entire network from a central location and provide real-time bandwidth management of the network to deliver critical business applications efficiently. The technology shapes the bandwidth according to the need of dropped data packets. Moreover, the SD-WAN technology is instrumental in automating the bandwidth allotment.
Infrastructure services to account for the largest market size and record the second highest CAGR during the forecast period
Network as a Service networking solution providers offer cloud-based infrastructure connectivity that includes various networking solutions, such as virtual machines, servers, load balancers, network switches, memory, and storage. These solutions are offered by third parties to customers who do not want to invest in building their own networking infrastructure. Zero upfront costs, scalability, flexibility, and security are some of the benefits offered by these services. Infrastructure services are standardized and highly automated, where compute resources, storage, and networking capabilities are owned and managed by a service provider and offered to the users based on a pay-as-you go model. The major factors driving the growth of the Network as a Service are accelerated adoption of cloud services among large and small enterprises, high cost and time-consuming WAN connectivity becoming the performance bottleneck for customers, software-defined paradigm shift across the whole IT industry.
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North America to hold the largest market size during the forecast period
The global Network as a Service Market by region covers 5 major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (EMEA), and Latin America. North America constitutes the highest market share, owing to the early adoption of advanced technology solutions as well as prominent initiatives taken by industry players through partnerships with various technology players. The US and Canada are witnessing increased adoption of advanced technologies, including LAN, WAN, and Wi-Fi.
Major global vendors offering IBM (US), Oracle (US), Cisco (US), Verizon (US), AT&T (US), VMware (US) DXC (US), HPE (US), SYNNEX (US), Juniper Networks (US), NEC Corporation (Japan), Ciena Corporation (US), Aryaka Networks (US), Arista (US), Extreme Networks (US), Meta Networks (Israel), GTT (US), Masergy (US), Telstra (Australia), Silver Peak Systems (US), Global Cloud Xchange (India), NETSCOUT (US) and CenturyLink (US).
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